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A Member of the CFA Institute Global Network of Societies


About the CFA Institute Research ChallengeResearch Challenge Students Pic.jpg

The CFA Society Washington, DC (CFAW) is proud to partner with the CFA Society Baltimore (CFAB) to jointly host the the CFA Institute Research Challenge. This competition gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together for a real world sell-side analysis competition. Students from local universities form teams and are mentored by a faculty advisor and a professional research analyst to produce a research report covering the chosen company. Student teams also make a live presentation of their analysis to a panel of expert judges from top financial institutions. The winners of the local challenge go on to a regional and global competition. This year the Americas regional competition will be held in Boston, MA with the winning team advancing to the global final.

We rely on our CFA charterholders and other financial professionals to serve as event organizers, faculty advisers, industry mentors, graders, and judges at the local, regional, and global levels of competition. If you are a regular member who is interested in being a judge, grader, or industry mentor, and would like to learn more about available volunteer opportunities with the Research Challenge, please contact Bill Scott at

Please Note: One additional benefit of becoming a volunteer is the opportunity to earn CE credits. The credits are processed at the end of each season in May and are distributed as follows:

  • Industry Mentors: 1 CE credit / 1 SER credit
  • Graders: 4 CE credits
  • Judges: 4 CE credits

How It Works
Local Level Competitions

Local level competitions are organized and judged by Local Hosts (CFA Institute member societies and volunteers).
Local Hosts are responsible for:

  • Securing subject companies,
  • Recruiting volunteers (such as mentors and judges), and
  • Inviting universities in their geographic region to participate.

Regional and Global Level Competitions

The regional and global competitions are hosted by CFA Institute. The winner from each local competition advances to one of the three regional competitions: in the Americas; the Asia Pacific; and the Europe, Middle East, and Africa regions.

The winners from each regional competition advance to the Global Final, where one team emerges as the global champion of the CFA Institute Research Challenge.

Baltimore and Washington DC CFA Competition

CFA Society Washington, DC (CFAW) and CFA Society Baltimore (CFAB) are partnering again for the 2018 local competition.

Universities competing this year are (in alphabetical order): Johns Hopkins University, Loyola University, Towson University, and the University of Maryland. We kicked off the competition on October 20th with Northrop Grumman as our subject company (NYSE: NOC). Northrop Grumman is an American global aerospace and defense technology company formed by Northrop's 1994 purchase of Grumman. The company is the fifth-largest defense contractor in the world. NOC is headquartered in Falls Church, VA and employs over 68,000 people worldwide.  Our special thanks go out to Steve Movius, VP and Treasurer & VP Investor Relations at Northrop Grumman, and all of the great people at Northrop for facilitating this wonderful opportunity for our local students.


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 Get Involved

Why Marta and Joã​o Volunteer        photo of volunteers Marta and João
Listen to Industry Mentor: Marta Calvário
Listen to Faculty Adviser: a